October Sees Manufacturing Slump

10 November 2011 - Which Way to Pay

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October Sees Manufacturing Slump

Manufacturing across New Zealand contracted throughout October to the lowest level seen since June 2009. The drop has been attributed to business being distracted by the Rugby World Cup as well as the construction sector slowing down.

The BNZ index (Business New Zealand performance of manufacturing) shed 4 points, hitting 46.5 in October. This has fallen from the 50.5 level seen in September, and any figure below 50 implies contraction in the economy. The same month last year saw the index at 50.9.

This is the third occasion ever that a decline in manufacturing has been seen in the index during October. At the moment, it is difficult to see whether the contraction is a sign of stalling in the New Zealand economy or if it is simply a blip caused by the World Cup last month.

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